The risky short bet was made in anticipation of Ethereum’s Pectra upgrade as Ether fell nearly 11% amid growing global trade concerns.
An anonymous cryptocurrency trader has accumulated almost $68 million in unrealized profit by shorting Ether amid its recent price decline.
According to blockchain data from Hypurrscan, the trader opened a 50x leveraged short position when Ether (ETH) was trading at $3,176, on Feb. 1. As of 9:06 am UTC on March 5, the position had almost $68 million in unrealized profit.
Shorting involves “borrowing” the underlying cryptocurrency from a broker, selling it at the current price, and then repurchasing it once the price falls — a strategy used by traders to bet on the price decline of an asset.
Crypto whales are making quiet moves in Ethereum (ETH) and Optimism (OP), while accumulation remains stagnant—or even negative—across most other major coins. Between April 4 and 6, both ETH and OP saw a notable increase in large wallet holders despite a harsh market correction.
This behavior often signals early confidence from institutional players, hinting at potential reversals ahead. With ETH nearing $1,400 and OP trading at three-year lows, the next few days could be pivotal if whale accumulation translates into renewed bullish momentum.
Ethereum (ETH)
Between April 5 and April 6, crypto whales accumulated ETH. The number of Ethereum whale wallets—those holding between 1,000 and 10,000 ETH—increased from 5,340 to 5,388, signaling a quiet accumulation phase during the broader market correction.
Tracking these large holders is crucial, as their behavior often precedes major market moves; when whales accumulate, it can indicate growing confidence in the asset’s long-term value and hint at a potential trend reversal.
Number of Addresses Holding Between 1,000 and 10,000 ETH. Source: Santiment.
However, the recent uptick in whale activity suggests some optimism beneath the surface. If momentum shifts and ETH manages to reclaim $1,748, it could rise further toward $1,938 and, with a strong enough rally, even retest the $2,000 mark—restoring a key psychological and technical level for bulls.
Optimism (OP)
The number of Optimism whale wallets—holding between 10,000 and 1,000,000 OP—rose from 4,138 on April 4 to 4,151 on April 6, suggesting that large holders are accumulating despite the ongoing market correction.
This increase in whale activity may indicate long-term confidence in the project, even as the broader market faces heavy selling pressure.
In periods of uncertainty like now, such accumulation can be an early sign of a potential price reversal, as institutional or high-net-worth investors often act ahead of retail sentiment.
Number of Addresses Holding Between 10,000 and 1,000,000 OP. Source: Santiment.
Currently trading near its lowest levels in nearly three years, OP is under significant downward pressure. If the correction persists, the token could break below the $0.50 support level.
However, if the recent whale accumulation reflects a shift in momentum, OP could rebound to test resistance at $0.65.
A breakout from that level may open the path toward $0.77 and, in a stronger recovery, even retest $0.84.
DeFi Development Corp. (formerly Janover Inc.) is trying to raise $1 billion by selling securities to buy Solana (SOL) over time.
Earlier today, a report from Coinbase claimed that the firm had already raised $42 million for SOL purchases with similar sales. Apparently, these operations were only the beginning of a much larger ambition.
DeFi Development Bets Hard on Solana
In a trend that the crypto community is calling “Solana MSTR,” corporate actors have been buying SOL tokens.
“[DeFi Development] has adopted a treasury policy under which the principal holding in its treasury reserve on the balance sheet will be allocated to digital assets, starting with Solana. The Board of Directors approved the Company’s new treasury policy on April 4, 2025, authorizing long-term accumulation of Solana,” the filing claims.
In addition to selling up to $1 billion in securities, DeFi Development plans to register up to 1,244,471 shares of common stock for potential resale by existing stockholders to use this liquidity to buy Solana.
Specific details about each offering will appear in a supplement provided at the time of sale.
Coinbase noticed DeFi Development’s Solana ambitions and described them in a report released earlier today. The report described the company’s efforts to raise $42 million in convertible notes, using those funds to build an SOL reserve.
The company recently changed its name from Janover, and it now trades on the Nasdaq under the symbol DFDV. DeFi Development also aims to operate one or more Solana validators, enabling it to stake its treasury assets, participate in securing the network, and earn rewards that can be reinvested.
Corporate Solana investment is tiny compared to Bitcoin, but DeFi Development may just be its first whale. MicroStrategy’s plan to become a massive BTC holder didn’t just change its own character; it also transformed Bitcoin.
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